Word: overdrafting
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Dates: during 2000-2009
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Although banks have tried to educate the poor on how to manage an account, they need to do a better job adapting their business to what this population truly needs. For one thing, the overdraft and late fees that banks pile on are an unacceptable risk to the unbanked, who can't afford to lose access to their funds. Check cashers prefer the term self-banked for these customers and say they are wise to steer clear of banks for exactly these reasons. "Check cashing is very popular because even though the costs are very high, there is certainty...
Reports that Rocket Man Elton John's financial engines were failing, that his $50 million overdraft was soaring, and that he was dumping assets to stay afloat were dismissed as "illusory" by his business ground controller, Frank Presland. "I wish I had Elton John's financial problems," he said...
...August, Mahan cited the two-week lag in transferring money from the gift accounts to student group accounts as one of the reasons that the council bounced 95 checks—and wasted $1,873 in overdraft fees—last spring and summer...
According to council bank statements that Lurie allowed The Crimson to read, the council bounced 95 checks in the late spring and in the early summer, resulting in $1,873 in overdraft fees. The checks bounced due to delays in the transfer of funds from Harvard to the council’s bank account, a pile-up of grant requests at the end of the spring and poor monitoring of the council’s available funds...
...that the number will jump to 80,000 by 2005. Soon, as customers pay down their car loans, for example, their ATMs will suggest timely preapproved loans for a spiffy new vehicle. Or if a user doesn't have enough funds to cover a withdrawal, he could be offered overdraft protection or a loan-which is better than being told, "I'm sorry, Dave, I'm afraid I can't do that...